USD/JPY 15min chart 2/4/2013 9:35AM EST
(click link to see screenshare)
Throwback, trendline: The USD/JPY has retreated from a new high that started the week, at 93.17. As we get into the 2/4 US session, it has returned near the session low. The 15-min chart shows its test of a trendline. The RSI dipped below 40 showing loss of bullish momentum here.
I think support here goes down to 92.40. Below that, it looks like a top. Otherwise, the structure is maybe neutral in the short-term with bullish bias from its prevailing trend.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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